Good morning, and welcome to iStar's second-quarter 2020 earnings conference call. [Operator Instructions].
At this time for opening remarks and introduction, I would like to turn the conference over to Jeremy Fox-Geen, Chief Financial Officer. [Operator Instructions]. Please go ahead, sir.
Thank you, and good morning everyone. Thank you for joining us today to review iStar's second-quarter 2020 earnings. With me today are Jay Sugarman, Chairman and Chief Executive Officer, and Marcos Alvarado, our President, and Chief Investment Officer. This morning we published an earnings presentation highlighting our second-quarter results, and our call will refer to these slides, which can be found on our website at iStar.com in the Investors section. There will be a replay of the call, beginning at 1:00 p.m. Eastern Time today. The replay is accessible on our website or by dialing one (866) 207-1041 with the confirmation code of 2077911.
Before I turn the call over to Jay, I'd like to remind everyone that statements in this earnings call which are not historical facts will be forward-looking. iStar's actual results may differ materially from these forward-looking statements, and the risk factors that could cause these differences are detailed in our SEC reports. iStar disclaims any intent or obligation to update these forward-looking statements except as expressed and required by law.
Now I'd like to turn the call over to iStar's Chairman and CEO, Jay Sugarman. Jay.
Thanks, Jeremy. The last four months have been extraordinarily challenging ones for the United States. The toll of COVID on families, businesses and our economy continues to grow, and the full impact is still being felt across the country. We offer our sympathies to those affected and our thanks to those working to help us overcome this challenge. And we also hope the renewed focus on racial equality and equal opportunity can help set us on the right path for the future. A prosperous US, where all are respected, where all can contribute, creates the best long-term environment for iStar to execute on its strategy, and we hope better times are ahead for all.
Despite this difficult environment, we continue to focus on the core strategies we laid out last year. Growing Safehold by reinventing the ground lease sector, recycling capital from legacy assets into go forward assets, and keeping plenty of liquidity and a strong balance sheet. Our quarter was a relatively quiet one and most customers across business lines continued to pay. We saw two things that are worth mentioning. One, with long-term interest rates falling significantly since the beginning of the year, the value of our long-tail cash flows have increased materially.
Our interest in Safehold and its ground lease portfolio is worth substantially more at today's lower interest rates. And that may be true for many of our net lease assets as well. We believe the intrinsic value of Safehold continues to be much higher than the current trading price, and as a result, we believe iStar's $1.7 billion investment position in SAFE has significant embedded
Chief Financial Officer
Chairman and Chief Executive Officer
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